The Ethereum token, ETH 2.0, is on fire as the cryptocurrency keeps scoring new ATHs consecutively in the same month. Last week the Ethereum market cap was valued at $480 billion, leaving behind industry leaders like Mastercard and Walmart. After registering a new ATH of $4351, the silver cryptocurrency market cap has now surpassed $500 billion. At this point, Ethereum has surpassed institutions like Wall Street Banking behemoth JP Morgan and fintech colossus VISA.
This is considered a major milestone for the Ethereum network. At present, ETH has managed to lessen the gap between Bitcoin that stands in the same weight class as Amazon, with a $1.1 trillion market cap. At press time, the altcoin price is trending at $4295.4. Explicitly, the market cap of Ethereum 2.0 is valued at $504 billion at its peak. VISA started to settle transactions with stable coin USDC last month, which is another token that is being hosted on the Ethereum network.
Ethereum Dominance is Taking over the Bitcoin Market Share
Several analysts and market experts have remarked that the new Ethereum craze has resulted in the liquidation of long Bitcoin positions and conversions to ETH. It seems like ETH rally is busy crushing Bitcoin territory and has been pushing it back as it goes head to head with the king coin. The market share for Bitcoin has dropped by 44% since the start of 2021.
After getting several drops, Bitcoin is currently trending at $57K. The sentiment for Bitcoin has become shaky. It seems that several investors have cleaned out their Bitcoin reserves. The market seems to be tilting in favour of Ethereum as the much-anticipated Proof of Stake (PoS) merger is expected to go live by the end of the current year. A slew of new doge-clone coins on Ethereum has also pushed its price forward.
Peter Schiff, an ardent advocate for gold and equally harsh protestor of cryptocurrencies, has made some interesting remarks about the current surge of Ethereum. Schiff attempted to make way for the much anticipated civil war in the crypto community. Schiff has been a strong proponent of the idea that cryptocurrencies like Bitcoin are in a bubble, and they would not be able to replace gold or fiat any time soon.
The tweet goes that before Bitcoin can replace gold, Ethereum would substitute Bitcoin. This statement does not translate into the prospect that Schiff has let go of his prejudice against cryptocurrencies since he likens both BTC and ETH with Dogecoin. Meanwhile, Ethereum’s dominance can be exaggerated as its price point is 53% lower than the Bitcoin price point measured in June 2017. It could be that Schiff is thinking about killing two birds with one stone with such statements.